Oil prices extended their decline on Tuesday, pressured by expectations of rising supply as OPEC+ prepares for another production increase<\/strong> and exports from Iraq\u2019s Kurdistan region resumed through Turkey, reinforcing concerns of a looming surplus.<\/p>\n\n\n\n By 08:09 GMT<\/strong>, Brent crude futures for November delivery<\/strong>, expiring today, dropped 1.2% to $67.13 per barrel<\/strong>, while U.S. West Texas Intermediate (WTI) crude<\/strong> fell 1.2% to $62.68 per barrel<\/strong>. Both benchmarks had already slumped more than 3% on Monday \u2014 their steepest one-day decline since August 1.<\/p>\n\n\n\n According to sources cited by Reuters, OPEC+ is likely to approve another production hike of at least 137,000 barrels per day<\/strong> during its meeting on Sunday. The group, led by Saudi Arabia and Russia<\/strong>, has been gradually rolling back deep cuts made in 2023 and 2024, aiming to reclaim global market share.<\/p>\n\n\n\n Analysts, however, warn that repeated supply hikes risk tipping the oil market into surplus, particularly with demand showing signs of weakness. The International Energy Agency<\/strong> recently cautioned that the market could slide into record oversupply by 2026 if OPEC+ continues to prioritize production growth.<\/p>\n\n\n\n In a major development, Iraq restarted crude shipments from the semi-autonomous Kurdistan region to Turkey<\/strong> on Saturday, following an interim agreement between Baghdad, the Kurdistan Regional Government, and foreign oil companies. Initial flows are estimated at 180,000\u2013190,000 barrels per day<\/strong>, with potential for further increases in the coming months.<\/p>\n\n\n\n This resumption adds to global supply at a time when traders are already balancing concerns over demand with geopolitical risks stemming from Ukrainian drone strikes on Russian refineries<\/strong>.<\/p>\n\n\n\n Markets are also weighing the broader geopolitical picture. President Donald Trump<\/strong> secured Israeli Prime Minister Benjamin Netanyahu\u2019s<\/strong> backing for a U.S.-brokered Gaza peace proposal<\/strong>, though Hamas\u2019 position remains uncertain. Analysts suggest that a peace deal could normalize shipping through the Suez Canal<\/strong>, easing a significant risk premium on oil.<\/p>\n\n\n\n Closer to home, fears of a U.S. government shutdown<\/strong> have raised additional demand concerns. ANZ analysts noted that fiscal gridlock in Washington could weigh on consumer and industrial demand for fuel if prolonged.<\/p>\n","protected":false},"excerpt":{"rendered":" Oil prices extended their decline on Tuesday, pressured by expectations of rising supply as OPEC+ prepares for another production increase and exports from Iraq\u2019s Kurdistan region resumed through Turkey, reinforcing concerns of a looming surplus. By 08:09 GMT, Brent crude futures for November delivery, expiring today, dropped 1.2% to $67.13 per barrel, while U.S. West …<\/p>\n","protected":false},"author":9,"featured_media":60920,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,36],"tags":[],"class_list":["post-119373","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/119373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=119373"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/119373\/revisions"}],"predecessor-version":[{"id":119374,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/119373\/revisions\/119374"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/60920"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=119373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=119373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=119373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}OPEC+ to Weigh Additional Output Boost<\/h3>\n\n\n\n
Kurdish Oil Exports Resume After 2.5-Year Halt<\/h3>\n\n\n\n
Geopolitical and U.S. Domestic Risks<\/h3>\n\n\n\n